Cryptocurrency, most notably Bitcoin, has made the headlines in recent months with huge fluctuations in supposed value. While the topic of cryptocurrency is one that would take far more than a single blog post to discuss, we can examine the technology that allows these currencies to exist and posit what it could likely be used for in the near future.
Identity Authentication While privacy and anonymity are big concerns in online computing, sometimes it is especially important that you can confirm that you are who you say you are. Blockchain technology can make authentication much easier, whether its regarding digital identities, passports, birth certificates, or wedding certificates. Instead of relying on the relatively insecure measures that we do today, we soon may use blockchain technology to safely track and store the identification that we need to navigate so much of modern life.
Notary Functions Many documents require a notary in order to be signed, the notary serving as a neutral third-party present to ensure that all parties have signed the document of their own volition. However, the blockchain’s features allow it to largely act as a notary. By timestamping when data was introduced to the blockchain, the entire chain more or less serves as a witness to the data’s validity.
Voting On a related note, blockchain may help to make the democratic process more transparent and secure against tampering through voter fraud. By leveraging the blockchain as a part of the voting process, the identity of each voter can be unquestionably verified, and their vote cemented into an unalterable record.
Automated Contracts The blockchain can even serve as an executor of a contract, automating agreements that are triggered when agreed-upon terms are met. By populating a smart contract with the information on the two parties, as well as the payment information and conditions, the blockchain allows the terms of an agreement to be fulfilled automatically once the conditions are met.
While cryptocurrency may have most of the attention at the moment, the blockchain is far from a one-trick pony. What else would you like to see developed as a function fulfilled through the blockchain? Let us know in the comments!